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Barack Obama mocks Donald Trump for the “secret Chinese bank account”

October 22, 2020 | 15:19

Following the news of Trump’s secret Chinese bank account, Barack Obama on Wednesday said the circumstances would be far different if the same revelation was made about him.

trump maintains chinese bank account through his tax records Trump maintains Chinese bank account through his tax records
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“How is that possible? a secret chinese bank account", obama said (photo: deadline)
How is that possible? A secret Chinese bank account", Obama said (Photo: Deadline)

How is that possible? A secret Chinese bank account. Listen, can you imagine if I had had a secret Chinese bank account when I was running for re-election?” Obama said in a campaign appearance for Joe Biden in Philadelphia. “You think Fox News might have been a little concerned about that? They would have called me Beijing Barry.”

Obama was making his first appearance on the campaign trail for Biden, after also headlining fundraisers and speaking at the Democratic National Convention, Deadline reported.

His reference to Trump’s “secret Chinese bank account” was to a story in the New York Times that the president maintains an account in the country. Trump has slammed Biden as someone who is beholden to China, and has targeted Biden’s son Hunter for his business dealings there.

An attorney for the Trump organization, Alan Garten, told the Times that Trump’s company opened the account in China to pay local taxes there and they pursued business opportunities there.

No deals, transactions or other business activities ever materialized and, since 2015, the office has remained inactive,” Garten told the Times. “Though the bank account remains open, it has never been used for any other purpose.”

In his speech, at a socially distanced drive in rally, Obama was scathing in his criticism of his successor, wondering why Trump’s behavior was even tolerated. “There are consequences to these actions. They embolden other people to be cruel and divisive and racist and it frays the fabric of our society.”

I get this president wants full credit for the economy he inherited, and zero blame for the pandemic he ignored,” Obama said. “You know what? The job doesn’t work that way. Tweeting at the television doesn’t fix things.”

Obama also seemed to be baiting when he made a jab at the president’s TV ratings, which have long been a currency that Trump holds in high esteem.

By the way, his TV ratings are down,” Obama said. “So you know that upsets him, but the thing is, this is not a reality show. This is reality. And the rest of us have had to live with the consequences of him proving himself incapable of taking the job seriously.

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President Trump (Photo: Channel 3000)

An analysis of Trump's tax records by the Times shows that the President holds a previously unreported bank account in China that was not included on his public financial disclosures because it is held under a corporate name. Trump also maintains bank accounts in Britain and Ireland.

The Chinese account, the newspaper said, is controlled by Trump International Hotels Management and it paid $188,561 in taxes in the country from 2013 to 2015.

While the tax records don't show how much money has moved through Trump's foreign accounts, the Internal Revenue Service mandates that filers disclose the portions of their incomes coming from foreign countries. Trump International Hotels Management reported only a few thousand dollars from China.

The President's tax records show he has invested at least $192,000 in five companies established to pursue projects in China over multiple years, according to the Times.

Since 2010, the companies have claimed at least $97,400 in expenses.

The account in China, operated by Trump International Hotels Management LLC, paid $188,561 in taxes in the country from 2013 to 2015, according to the Times.

"No deals, transactions or other business activities ever materialized and, since 2015, the office has remained inactive," he told the newspaper. "Though the bank account remains open, it has never been used for any other purpose."

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